Want A Thriving Business? Focus On Basement Remodel!

Homeowners in the Pacific region, which includes California, Hawaii, Washington, Oregon and Alaska, are likely to see the biggest ROI on a basement remodel at 86.4 percent. Homeowners in Wisconsin, Illinois, Indiana, Michigan and Ohio aren’t far behind, with an average ROI of just 53.3 percent. Homeowners in New England (Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut) are likely to see the lowest return at 52.8 percent. Homeowners in the West South Central region of the United States, including Oklahoma, Arkansas, Texas and Louisiana, see the second-highest return at 80.8 percent, with an average remodel cost of $64,827 and an average resale return of $52,368. You’ll see an average 70 percent return on investment, and the 30 percent you don’t make up might feel worth it when you consider the years you’ll be able to enjoy the basement theater before selling. Value Report 2017, a midrange basement remodel (meaning the materials used are not builder-grade or basic, yet not luxury) costs an average or $71,115 nationally and recoups $49,768 (or roughly 70 percent) at resale, a slight decrease from the previous year. “Most people I’ve worked with are getting HELOCs to finance their basement remodels,” Damji says.

Many sellers, and even homeowners who are just thinking about selling in the next few years, wonder if going through the time and expense of finishing a basement is a value-add improvement. For example, let’s say you’re a movie buff and don’t plan on selling for another few years. If selling is on your mind, you’re probably thinking about finishing your basement for resale and marketing purposes, not for personal enjoyment. As with any big renovation, it’s important to note that when finishing a basement, you may not recoup all of your investment. Using lower-quality materials is one way to save on the cost of finishing a basement, but it comes at the risk of compromising the integrity and longevity of the work. Note that in some markets, the MLS will count walk-out basements as above-grade when it comes to calculating the price per square foot (more on that later). Sketch out the current duct layout and note the location of each joint. Basement remodel costs average out at $76,429 in this region, but the resale return is only $40,377. A standard lot basement is underground, with concrete basement walls and no natural light other than small window wells near the ceiling.

Given the lack of natural light, a standard lot basement is less attractive to buyers at resale. Generally the most attractive to buyers because of the amount of natural light, a walk-out basement has a full-size door (often a slider) that leads to outdoor space, like a backyard or patio. A standard lot basement usually pushes the main level a few feet above ground, so there might be a couple of steps to get down from the main floor into the backyard. A garden-level lot basement may have a combination of full-size windows and small window wells, but it’s not likely to have a door to the backyard. A middle ground between a standard lot basement and a walk-out basement, a garden-level lot basement is partially above ground and partially below ground, due to a somewhat sloping lot. In a home with a walk-out basement, the main floor will be at street level in the front of the home but elevated from the back, often with a porch or deck. A main-floor addition will likely be more valuable than a finished basement, but the expense could be much higher. Don’t hesitate to hire our local remodeling company in Elmsford, NY for your next home improvement or house addition construction project!

Construction of the well will be much easier if you excavate it first, before installing the egress window. As a locally owned and operated construction company, when you work with Solid Builders, you will receive the benefit of working directly with the owner and General Contractor, Aaron Miller throughout the entire process. Anyone who refinances today would be refinancing into a higher rate for the entire value of their mortgage. Whether you plan a kitchen, bathroom, or basement remodel, it is always better to turn to a proficient contractor who knows how to get the job done right, on time, and in an efficient manner. All the while, you’ll need to continually adapt your daily routine, conquer communication with your contractor and keep an eye on cash flow. With a cash-out refinance, you’d get a new mortgage for more than you owe, pay off the old mortgage, and keep the difference in cash. Storage shared by kids and teens should be closed to keep clutter out of sight, and each family member should have at least one shelf of his or her own behind closed doors. Visit our Areas Served page to check out the full list of the locations we serve.